Hi All,
I am herewith writing my first experience with reliance money.
The web page trade window is called Easytrade and Instatrade. Instatrade is given to the franchises and individual trader is given easytrade window. Shortly they are giving Instatrade facility to individual users also when they complete other software for franchises. So now you can trade only in easytrade window.
If you are a ICICIdirect trade customer then you need not look further where the buttons are. Because you will find the same type of interface. It is very fast in executing our orders for the time being. But as a customer used to exe based software like PIB or Tradeanyware you might find it to difficult to enter all those parameters manuallly. When they give Instatrade facility then you may find it easier. There are some software glitches that I have noted while executing options transaction and complained to them, which they are rectifying within a day or two they have promised. The PMs are very helpfull in all kind of queries. I hope in due course also they will be like that.
Regarding the brokerage it is amazing how they survive with such low brokerage! Because we are used to pay high brokerage, but that is their competitive edge by which they can create a great number of customer base within a short period of time after official launching.
Regarding tranfering the money from to HDFC bank to my trading account, it was hassel free. I tried with a small amount first, even though it was sunday the money got transfered immediately. I was able to see the balance in my ledger balance window.
I found one drawback in it that no ledger was there. only Tradebook and contract note is available which I have complained to them and they promised to look into it. When you open an account with Reliancemoney you will be assigned with a nearest franchise. You can give new applications or you can query your doubts or you can give complain through them or you can call customercare number.
Regarding the charges they charge for software utilisation
You can trade upto Rs 1 crore with Rs 500 card. You can trade roughly 25 lots of futures or options. Rs 500 wll have to be exhausted within 2 months. Like that they have 2 more higher packages which will save more money in your pocket.
Regarding taxation matters. They charge only 1 paisa brokerage for every transaction irrespective of traded quantity. So naturally there will not be any taxes on your brokerage. I was charged 0.017001% of securities transaction tax. Even this in Indiabulls they charge more on comparing. Another charge is trnover charge which comes to about Rs 2 to 3 per lot of options. and stamp duty also very less comparing to Indiabulls, it is paisas. Comparing with the brokerage of .03% in Indiabulls, I was getting around Rs 425 in their contract note for 1 lot of Nifty futures where as Reliance charges are around Rs 70 plus the software utilisation charges(whatever they name for this charges I call it software uitilisation charge), comes to around Rs 20 per lot of futures. Totally Rs 90 per lot a huge saving for a day trader of around 375% on brokerage .
For euqity traders there is a porfolio management software also which keeps track of all your trades which is very convenient.
They will also give you one email id created in reliance money itself and they will post the contract notes there. So they will not send seperate contract note over post. YOu can contact customer care for any assistance through this mail facility.
They have introduced security key for the first time in Inida for trading community. They will give a key, If you press the button it will generate a number conversing with their server over GPRS. You have to fill that no in your login window along with your password. So additional security for the traders feels safer.
Lastly it may not be a great experience of their easy trade environment(may improve on getting instatrade or exe based facility) but your pocket is enriched with bounty of savings in brokerge charges
gvnarendra
